Bitcoin (BTC), Ethereum (ETH) Sell-Off Accelerates Into Support, Crypto Market a Sea of Red
Bitcoin (BTC/USD), Ethereum (ETH/USD), and Alt-Coin Analysis and Charts:
The cryptocurrency market is coming under increasing pressure Monday with a range of coins and tokens showing double-digit losses. The latest sell-off is being attributed to a further Chinese crackdown on the industry after the major Bitcoin mining province of Sichuan ordered miners to close.
We noted on Friday that both Bitcoin and Ethereum were under pressure with support falling and further losses on the cards.
Bitcoin (BTC/USD) currently trades around $33k, a near two-week low, and has broken a recent positive channel with conviction. The June 9 low at $32,350 has held its first test but today’s candlestick looks heavy and another test is likely. Below here, horizontal support at $31k ahead of the psychological $30k. The market is starting to look oversold after the recent slump but if $30k folds then $28k will come into play in short order. We noted last Friday that buyers should be in no rush to enter the market and this remains the case.
Bitcoin (BTC/USD) Daily Price Chart
The daily Ethereum chart remains biased to the downside with minor support around the $2,000 area already under pressure. Ethereum has fallen by over 20% in the last week, pushing it deep into oversold territory, yet support remains unconvincing. Unless there is some positive fundamental news, Ethereum could slide all the way back to $1,550, the double swing-low print made in late March.
Ethereum (ETH) Daily Price Chart
Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Trading Education Centre
What are your views on Bitcoin (BTC),Ethereum (ETH) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.